Monday, January 25, 2010

Amid cutbacks, how much are top exec bonuses? Figures due mid-March; last year's $875K for CEO

Q. Concerned about possible Gannett job losses and overspending, Anonymous@12:15 p.m. yesterday asked: "Can you post again the amounts of the bonuses that the higher-ups get?"

A. We'll know how much the company's five highest-paid executives got last year when Gannett files what's called the annual proxy report to shareholders, probably around the middle of March. (This is last year's report.) Under federal regulations, companies must disclose this information publicly once a year.

Bonuses vary from year to year, depending on Gannett's financial performance. In 2008, for example, the company didn't do very well, so some bonuses were cut in half. (Details, below.) The board of directors' executive compensation committee sets the amount. Their rationale takes pages and pages to explain.

To give you an idea, however, what follows are the 2008 bonuses for Gannett's five highest-paid executives. I'm also including the 2007 bonuses for CEO Craig Dubow (left) and Chief Financial Officer Gracia Martore. (The other three executives were not on the list in 2007.)

Note: These are only the bonuses; their total pay, which includes salary, stock awards and benefits, is much higher. (Here's a table showing the full amounts.) The 2008 bonuses, all in cash for the first time in years:

Craig Dubow, Chairman and CEO
2008: $875,000
2007: $1,750,000

Gracia Martore, Chief Financial Officer
2008: $300,000
2007: $600,000

Bob Dickey, president of U.S. Community Publishing
2008: $360,000. (This included a $90,000 relocation bonus in connection with his move to McLean, Va., from Phoenix, when he was promoted to head of the newspaper division. Gannett made another $361,357 in non-bonus payments in connection with Dickey's move to Virginia. More on that here.)

Dave Lougee, president of Gannett Broadcasting
2008: $245,000

Chris Saridakis, Chief Digital Officer
2008: $260,000

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